Hey there!

Last week was Pepita's 10th issue, but I completely forgot to celebrate. I’ll have to get some cake retroactively.

This week the market handed me three cars that have no business being priced this low. Three very different Porsches, all severely underpriced:

• A factory aero kit 996 that shouldn't be $22K

• A very low-mileage 987 dealers would ask $35K for

• The 997.1 S priced $10K under market

I don't know what's happening out there, but I ain’t complaining.

Onwards!

—RF

Last week I was a fool. This week I'm sorry.

2006 997.1 Carrera S | 6-speed manual | Foster City, CA | $36,500

Last week I featured a 997.1 Carrera S at $46,850 and told you it was a great deal.

This week I found pretty much the same car for $36,500.

I did my homework last week. Checked sold comps, ran the numbers. Everything pointed to $46K being fair. So either the market changed overnight, or this California car is a massive outlier that makes me look like I don't know what I'm doing.

This 997 is also super well optioned (Sport Chrono Plus, PASM, Bose…) and has a clean title. The ad is two days old. At this price it won't last long. I think.

🔗 2006 997.1 Carrera S priced to sell 🔗 (backup)

Market Report

997.1 Carrera S coupes typically start around $42K-43K in rough condition, with clean examples pushing $50K+. This car has everything you want at $36,500. Either this seller doesn't know the market, needs to move it fast, or I completely misread things last week. Regardless, this is an outlier. If the pre-purchase inspection comes back clean, you are getting a steal.

What You (and Your Mechanic) Should Know

The June 2006 production date of this 997 Carrera S is notable because, by this time, Porsche had already implemented the larger, non-serviceable IMS bearing that is much less failure-prone than earlier versions. However, a pre-purchase inspection is essential since bore scoring is still a problem with these cars.

$22K factory aero kit. What's the catch?

2001 996 Carrera | 6-speed manual | Manhattan, NY | $22,000

When I saw this factory aero kit 996 sitting at $22K, my first thought was "what's the catch?" But while this 996 is no garage queen, the ad has enough green flags to warrant a call to this seller.

This is a California car with rust-free frame, IMS bearing already done by LN Engineering, and lowered suspension and modified exhaust by a PCA-approved shop. Title is clean too. The main downside seems to be a pinion bearing showing symptoms that needs replacement or a transmission rebuild.

Factory aero kit 996s don't normally show up under $30K. If this one checks out, this is your chance to become the Porsche Instagram sensation you were born to be.

🔗 2001 996 Carrera with factory aero kit 🔗 (backup)

Market Report

Only about 15% of 996s got the factory aero kit. The kit transforms how the car looks: GT3-style front bumper, side skirts, fixed rear wing. Clean aero examples in good colors trade for $30K-40K. Check out this similar spec’d car that sold earlier this year on Cars& Bids.

What You (and Your Mechanic) Should Know

Verify the aero kit is indeed factory-fitted by checking for XAA code on the build sticker under the front hood.

Budget $1,500-2,500 for pinion bearing work. Even with that repair, you're still getting a deal if everything else checks out during inspection.

If you want low mileage, this is for you.

2007 987.1 Cayman | 5-speed manual | Lutherville, MD | $28,000

There's so much talk about 987 Caymans being special, and how low-mileage examples deserve $35K+ price tags. Maybe they do.

And yet here's one with under 25K miles priced well under the $30K mark. Same owner for the last 14 years. Garage kept. PCA sticker on the window (my fetish).

No big wheels, no special color, just a basic Arctic Silver doing its best to blend in. But give it a good detail, bring it to a cars and coffee meetup, and watch people try to figure out why this humble-looking 987 is so special.

🔗 2007 987.1 Cayman with low miles 🔗 (backup)

Market Report

Base 987.1 Caymans with typical miles (70K-100K) trade between $19K-25K. Dealers like to ask for the sky when they have a low-mileage Cayman. I’ve seen people asking $35K, $40K and more for unused cars with uncommon colors.

What You (and Your Mechanic) Should Know

2007 987.1s use the robust M97 engine with redesigned IMS bearing (sub-1% failure rate). No bore scoring concerns with the 2.7L base engine. The headliner sag is common on 987s and costs $500-1000 to fix at a trim shop.

Adopted Puppies

Porsche Problems

See you next week with more affordable picks!

Take care,

—RF